Daijiworld Media Network - Bengaluru (MS) 

Bengaluru, Aug 23: Narayana Murthy, co-founder of IT giant Infosys, said that the present economic conditions are the best in the last 300 years of history. The existing economic environment promotes confidence that the economy can overcome poverty and proceed to a better future for the people, said Murthy at an event, reported PTI on Thursday, August 22. 

Narayana Murthy also said that Indian economy is growing at a rate of six to seven percent this year, because of which the country has become global software development center. 

The veteran businessman said that the portfolio investments from abroad and foreign direct investment in India are growing faster than ever and the confidence of investors in the country and abroad is at an all time high. In addition, the number of billionaires in the country is increasing, says the report. 

The statement by Narayana Murthy comes at a time when the Indian Inc. is demanding a booster package from the government to sustain itself from the ongoing financial stress in the market. According to Rajiv Bajaj, managing director of Bajaj Auto, the slowdown of the automobile industry is its own making. Bajaj also said in an interview that the automobile industry has to look on its lacunae first rather than asking the help from the government. 

Rajiv Bajaj further said that a drop to the extent of five to seven percent in the sales of two wheelers in the country cannot be called as financial crisis. He also said that the salaries of the employees account for only four percent of the total sales and there is no need for panic by the industry about cutting of the jobs.